Bill C-42 CBCA Filing Requirements for Individuals with Significant Control (“ISC”)
Starting on January 22, 2024, federal businesses incorporated under the Canada Business Corporations Act (CBCA) will be required to file information on individuals with significant control (ISC) with Corporations Canada in order to meet the reporting requirements coming into effect.
What to file
Some of this information could be made available to the public on Corporations Canada’s website, including:
full legal name;
date the individual became an ISC;
date they ceased to be an ISC, as applicable;
description of the ISC’s significant control (for example, owns 25% of shares);
address for service, if one is provided;
residential address, if no address for service is provided.
The following information will not be made available to the public:
date of birth;
country (or countries) of citizenship;
country (or countries) where the ISC is considered a resident for tax purposes.
When to file
Businesses will need to file ISC information with Corporations Canada:
with their annual return;
within 15 days of any change made in their ISC register;
during incorporation;
after amalgamation; and
after continuance (import) to a federal jurisdiction.
Responsibility of the corporation
It’s important to note that corporations are responsible for identifying their ISCs and collecting their information, letting ISCs know that their information could be made available to the public, and filing that information with Industry Canada when the time comes.
Bill C-42
An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other Acts, is currently before Parliament. If the legislative proposals set out in the bill are adopted in their current form, this would mean that some of the filed ISC information will be made available to the public on the Industry Canada website.
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